Market News
South African rand flat as traders eye inflation data, central bank meeting next week - REUTERS
JOHANNESBURG, Sept 12 (Reuters) – The South African rand was flat in early trade on Friday, as investor focus shifted to the release of domestic consumer price inflation data and a rate-setting meeting next week.
At 0723 GMT, the rand traded at 17.36 against the dollar, near its previous closing level of 17.3550.
The currency gained against a weaker dollar on Thursday after a surge in U.S. jobless claims and a modest tick up in inflation kept investors zeroed in on likely Federal Reserve interest rate cuts next week and beyond.
Domestically-focused traders will pay careful attention to CPI data due on Wednesday after South Africa’s statistics agency last month recorded the highest inflation rate since September 2024.
The central bank’s rate-setting meeting on Thursday will offer more clues on price pressures and the overall health of Africa’s most industrialised economy.
On the Johannesburg Stock Exchange, the Top-40 index was last up 0.5% in early trade.
South Africa’s benchmark 2035 government bond was little changed, as the yield fell half a basis point to 9.375%.
(Reporting by Sfundo Parakozov; Editing by Editing by Joe Bavier)
